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COVID-19 INFORMATION

State Small Business Credit Initiative (SSBCI 2.0)

Asset 27

To support and expand an inclusive continuum of access to capital for small businesses and entrepreneurs throughout Tennessee

The U.S. Department of Treasury (Treasury) is administering a second installment of the State Small Business Credit Initiative (SSBCI 2.0) as part of the American Jobs Plan. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. For SSBCI 2.0, the Treasury has allocated $10 billion to provide funding for (1) small business financing, and (2) technical assistance to help small and diverse businesses become capital ready.

As part of the Discover Phase of the planning process, small and diverse business, ESOs (entrepreneur support organizations), lenders/funders to small and diverse businesses and stakeholders completed a public survey.  

Discover -> Design -> Deploy

Tennessee’s plan uses a three-phase approach.

  • The Discover phase is intended to inform and familiarize stakeholders about SSBCI 2.0. Treasury guidance related to programmatic elements is ongoing. The state has already engaged numerous stakeholders for the program and completed a public survey. The results of the survey will be posted soon.
  • The Design phase is intended utilize feedback and structure the SSBCI 2.0 program of work in Tennessee.
  • The Deploy phase is the rollout and launch of SSBCI 2.0 in Tennessee. As the program develops, we will reassess the program of work and needs.

SSBCI 2.0 funds were allocated as follows:

Funding Categories

U.S. Allocation

TN Allocation

Description

State Allocation

(See line 10)

$6 billion

$60,573,813

Based on 2020 unemployment figures

Technical Assistance

(See line 17)

$500 million

TBD

Could be before or after loan or equity infusion, general assistance

Microenterprises (Very Small Businesses)

(See line 10)

$500 million

$4,816,620

Businesses with fewer than 10 employees

SEDI Business Allocation

(See line 19)

$1.5 billion

TBD

Socially and Economically Disadvantaged Businesses (SEDI)

SEDI Business Incentives

(See line 11)

$1 billion

TBD

Performance-based; further Treasury guidance expected

Tribal Governments

(See line 8)

$500 million

N/A

Tennessee does not have any tribal governments

Total:

$10 billion

$65,390,433

 

As updates are ready, the website will be updated.

ssbci

Contact Information
Phone: (615)741-1888
Email: ecd.SSBCI2.0@tn.gov